380 Arts Orgs Are Burning Through Reserves. NYC Opera Is Already $1.66M in the Hole

NEW YORK CITY OPERA carried negative net assets of $1,662,021 and an operating margin of negative 5,053% in the fiscal year ending June 2024, making it one of the most financially distressed named organizations in a sector-wide scan of 380 flagged groups. Across the cohort, organizations range from tiny dance companies with $3,500 in annual revenue to institutions like the Metropolitan Opera Association Inc, which reported $283,987,551 in revenue yet still triggered two distress flags. The 380 flagged organizations span ballet, opera, symphony, theatre, and community arts, a cross-section of American performing arts that collectively shows reserves, revenue, and net assets moving in the same direction: down.